Multifamily Construction on the Upswing in May
According to the Census Bureau, May was a good month for multifamily housing construction. Permits for 5-unit or more buildings increased to 434,000, up 18% from April.
On a month over month basis, permitting was up 6% in the South but changed by less than 2% in other regions of the country.
However, not all the news was good. Multifamily housing construction starts (two or more units per building) in May were down 20% from their levels in May. Starts were down 4% in the Midwest, 7% in the West, 25% in the South and 38% in the Northeast.
Of course, Covid-19 can be blamed for these “soft” construction numbers. As the summer continues and state rules are relaxed, there should be a more consistent rise in construction.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.